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Planning: The Egyptian economy is witnessing a recovery and is able to recover from the effects of the Corona pandemic


The Ministry of Planning and Economic Development issued a report on the results of the Egyptian economy recovery index from the repercussions of Covid-19 during the third quarter of the fiscal year 20/2021.

 

Hala Al-Saeed, Minister of Planning and Economic Development, indicated that the state has implemented a set of proactive policies aimed at dealing with the pandemic, as the state has adopted a clear and deliberate plan aimed at alleviating the repercussions of the economic stagnation on citizens, especially the groups most affected by the pandemic, noting that the Egyptian state It pumped 100 billion pounds in the framework of a stimulus package that supports the sectors affected by the "Covid-19" pandemic crisis, stressing that this stimulus package aimed to achieve a balance between preserving the health of citizens and the rotation of the wheel of economic activity, which had clear positive repercussions on growth rates and rates. Employment.

 

Al-Saeed stressed that the Egyptian economy is on the way to recovery and recovery again at rapid rates, and that the National Program for Structural Reforms, which the government adopts as the second phase of economic reform, will increase the ability of the Egyptian economy to recover from the effects of the pandemic and will benefit from the developments imposed by the Corona crisis.

 

For her part, Dr. Nada Masoud, economic advisor to the Minister of Planning, explained that after more than a year of turmoil caused by the Covid-19 virus, the global economy is struggling to resume normal life with some sectors severely affected, such as aviation and tourism, and the prosperity of other sectors such as information and communication technology, noting that the ministry It has created a special indicator that deals with how to return to the normal situation of the Egyptian economy, as this indicator covers the activities of the real sector and compares the detailed numbers with the pre-pandemic readings to discover convergence or difference from the sectoral activities prior to the epidemic, so that the number 100 indicates that the sector is completely convergent to pre-pandemic levels And less than 100 means that the sector suffers from poor performance, and above 100 means that the sector has exceeded its performance before the pandemic.

 

The report indicated that the third quarter of 20/2021 witnessed the recovery of the Egyptian economy in most sectors, as the total recovery index recorded 102, as some sectors helped to achieve growth with their outstanding performance, namely the telecommunications sector, where the recovery index recorded 116, which is the highest reading, followed by the recovery index. The gas, construction and building sectors are 110, 107, respectively.

 

The report indicated an increase in the volume of exports of information technology services in 2020 by 13%, in addition to an increase in the total investments implemented in the communications and information technology sector by 35%, which contributed to the rapid growth witnessed by this sector.

 

The report touched on the superior performance of the gas sector from 2021, as Egypt has a good infrastructure to export gas produced from its fields and the fields of the eastern Mediterranean, which makes it eligible to contribute to securing the needs of the European market in particular during the coming period, as Egypt is taking rapid steps towards participating in An active role in meeting the needs arising from the expected recovery in gas demand in the markets after the decline in 2020.

 

The construction sector has also succeeded in achieving positive growth rates during the past four years, thus being able to protect the Egyptian economy in times of crisis, and it has succeeded in providing job opportunities in all national projects such as housing, utilities and roads. Challenging the negative repercussions of the spread of the epidemic, and the economic closure that the country has been subjected to as a result of the spread of the virus.

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